Today’s news in brief – 2/7/2024

Harland and Wolff (H&W), known for building the Titanic, has suspended trading in its shares due to delays in filing its audited financial results. Ongoing discussions with auditors about revenue recognition have complicated the audit process, preventing the company from meeting the June 30 deadline. H&W now plans to publish the results in early July. Preliminary results show a significant revenue increase from £27.7m to £86.9m, though the operating loss stands at £24.7m. Additionally, uncertainty surrounds a £200m government loan facility, crucial for the company's future contracts, pending a decision post-General Election. The ACCA has released its 2024 annual report on regulation, highlighting the regulatory board’s key roles and achievements. The board oversees ACCA’s regulatory framework, ensuring qualifications, ethical standards, licensing, CPD, and disciplinary processes are robust and in the public interest. In 2023, the board focused on the transition of the Financial Reporting Council to the Audit, Reporting and Governance Authority, and scrutinised ACCA’s regulatory status awarded by IRBA in South Africa. Lucy Winskell, chair of the board, emphasised the board's commitment to public interest, while Maggie McGhee highlighted ACCA’s continuous improvement and dedication to governance. German firm Taxfix Group has acquired London-based TaxScouts, expanding its tax filing services into the UK market. This strategic move allows Taxfix to operate in four major European markets: Germany, the UK, Spain, and Italy. TaxScouts’ team of 40 will join Taxfix, fostering collaboration and innovation. Malcolm Cowley, CEO of TaxScouts, will continue to lead under Taxfix, with founders Kaupo Korv and Daniel Karger retaining key roles. The acquisition accelerates Taxfix’s European expansion, aiming to simplify tax filing and enhance financial control for users across Europe, leveraging shared missions and extensive resources. UNW, an independent chartered accountancy firm, has expanded its Newcastle office in Citygate II by over 35%, moving from 7,200 sq ft on the third floor to 11,000 sq ft on the second floor. This expansion, driven by market success and team growth, allows UNW to house its 185-person team in one open-plan space, with additional facilities including meeting rooms, a video conference room, and a social kitchen area. The move contrasts with the post-pandemic downsizing trend and supports UNW’s plans to hire more staff, including 15 graduates and apprentices in September 2024.